[klinked]

My five year plan calls for me buying my house next spring. I have been working on my and DH credit repair with help from the boards.(They know who they are-thank you) I only have a couple small dings. DH is clear.

Recently, I opened some cc and lines of credit I am keeping paid down and paid on time to develop history. I have a 4 yr old car loan I have never been late on and one 5 yr old cc card in good standing.

I will have a few dollars set aside for incidentals and unexpected issues. Right now DH and I are both full time students and work full time.

I have received a little information about nontraditional financing but am more comfortable with something like a FHA loan.

I have a good idea how much house/loan I can afford. $150K is my upper limit. so I have modest dreams

So I went on Amazon and got various "Buying a House for Dummies Books and Workbooks" and "100 Questions you Should ask Before Buying a House" and" How to Buy a House When You Can't Afford One" etc.


Long story short.... does anyone have reference books, how-to/reading material they recommend? Any thoughts on nontraditional financing? I am really considering a broker.... your thoughts?

Thanks

[Hedwig]

I've had good luck with a broker. They know the market, they know the various programs. If this is your first house, you might want to check and see if your state has a first-time home buyer's program. If so, contact them and see if you need a broker.

You often get reduced rates, maybe some help with closing, etc.

[klinked]

I never thought of state programs. Iowa does have one. I'll have to look into it. THANKS

[roybean]

We have a pretty good array of mortgage people here; email/ pm them or shout out so they can ring on topics like this.

[klinked]

I am at the basic edumacate myself stage and still don't know enough to ask the right questions. I learn best by reading and stewing.

I made the decision to wait until spring to give myself time to get our scores up and get a few $$$$ saved. Then I was stoopid and went to a couple open houses over the weekend.

Now I want a house NOW! But I don't want to "force" the decision. I see all these programs out there with $0 down and 100% financing but I am sure there a dozen expenses involved in buying a house.
sigh

[roybean]

LOL, you're like me. I have to stew too. I like to have some research and information under my belt before I dive, but I too want a house NOW!

[klinked]

I have been looking into my state's first time homebuyers program. It sounds pretty good.

[Hedwig]

One thing you have to consider. You not only need money for closing and down payment, you need some money in the bank. There will be things you need, like new drapes and such.

There will also be the repairs. There is no landlord to call anymore. You have to call a repairperson, and you have to pay for it.

[roybean]

Originally Posted by klinked

I have been looking into my state's first time homebuyers program. It sounds pretty good.

There are quite a few programs and I am looking into this too.

[roybean]

Originally Posted by Hedwig

One thing you have to consider. You not only need money for closing and down payment, you need some money in the bank. There will be things you need, like new drapes and such.

There will also be the repairs. There is no landlord to call anymore. You have to call a repairperson, and you have to pay for it.

Here's what I am calculating into buying a house: money for minor repairs or upgrades, depending on whether I get a newer house with appliances included, I am still looking to be able to buy them if not; I want at least 6 months to year's worth of notes put aside just in case some mess happens because you never know when you'll be out of work or not working enough, and I am considering (if I go for a single house) maybe an apt. over the garage or in back of the house. It would extra money coming in.

I know some people who have done this with several of their properties. They built apts. in back of the house and one over the garage.